MOSCOW, RUSSIA — The Russian Federal Antimonopoly Service (FAS) on Aug. 21 gave preliminary approval to VTB Bank to acquire a 10.93% stake in Novorossiysk Grain Plant, one of the largest grain terminals in Russia. Following the transaction, VTB Bank will have a 33.18% stake in Novorossiysk.

Novorossiyk’s main activities include grain storage, processing, loading and unloading activities in the seaport, and loading and unloading activities in the railway. The company’s facilities are located in the port of Novorossiysk on the Russian coast of the Black Sea.

Based in Moscow, VTB Bank is one of the leading universal banks in Russia.